Sonalika Tractors reported a record 11,656 tractor sales in April 2024, marking a strong start to the new fiscal year and continuing its year-over-year market share gains, the company said in a statement on Friday.
Citing a weakening El Nino effect and predictions of above-normal monsoon rains, the leading tractor manufacturer expressed optimism for the upcoming year, saying these factors are expected to lead to faster refilling of reservoirs, potentially translating into healthy demand for tractors throughout the year.
"We are elated to have begun our FY25 voyage with such an exciting performance," said Raman Mittal, Joint Managing Director, International Tractors Limited. However, the company did not disclose the specific details of its updated market share.
Sonalika Tractors had previously announced its highest-ever overall annual market share of 15.3 percent in April, along with the distinction of being the only tractor brand to witness domestic market growth in FY24.
The company also held the top spot among Indian tractor exporters in FY24, capturing a 34.4 percent market share, a significant 6.2 percentage point increase.
In a sign of confidence for future demand, Sonalika announced a Rs 1,000 crore investment in March for a new tractor assembly plant, along with an additional Rs 300 crore for a new high-pressure foundry.
“Sonalika's thrust on creating a perfect blend of quality and performance in its heavy tractor range has enabled the company to firmly secure the 3rd largest tractor brand position in India - the world's biggest tractor market,” the release said.
The company has already launched a 5-year warranty and is showcasing tractor prices on its website.
Mittal said, "Our advanced heavy-duty tractor series have consistently led farmers towards a world full of new opportunities and which is why we are today proudly 15+ lakh farmer family."